Sygnia CEO criticizes Elon Musk for alleged Bitcoin pump and dump
June 11, 2021. Summarized by summa-bot.
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According to Magda Wierzycka, Elon Musk’s recent social media activity allegedly manipulating the crypto market should have made him the subject of investigation by the U.S. Securities and Exchange Commission.
Magda Wierzycka, one of the richest women in South Africa and CEO of financial services company Sygnia, said Tesla CEO Elon Musk would likely have been investigated by authorities regarding recent allegations over his manipulation of crypto prices — if his target had been almost anything other than Bitcoin.
According to Sygnia CEO, Musk knowingly pumped up the price of Bitcoin (BTC) by writing tweets including those mentioning Tesla’s $1. 5 billion BTC purchase, then “sold a big part of his exposure at the peak. ” Musk’s public statements on Bitcoin as well as him reversing Tesla’s position on accepting the cryptocurrency as a form of payment constitutes price manipulation.
Many have criticized Musk for allegedly manipulating the price of Bitcoin and other cryptocurrencies like DOGE through his Twitter posts and public appearance on Saturday Night Live — the Tesla CEO appeared as a character named “The Dogefather” and referred to the token as “a hustle. ” Last week, he also mentioned the project CumRocket (CUMMIES) in a series of tweets that likely pushed the price of the token 366%, from $0. 06 to $0. 28.
Though many crypto traders have made gains investing in some of the projects Musk pumps, the allegations over the price manipulation of Bitcoin — with the largest market capitalization of all cryptocurrencies — are particularly concerning for some.